Great Depression Vocab

Note: Words in blue are not tested for students with individual education plans.

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bureaucracy – the government office workers and the government departments in which they work; the workers who make the basic functions of government work in practice.

capitalism – an economic system characterized by a reliance on the free market and the private ownership of the means of production (factories, etc.).

communism – The most extreme form of socialism, characterized by government control of the entire economy. In practice, this economic system has been directed by a powerful central government that limits democracy.

consumer credit – Unsecured loans given to average Americans to buy goods with money that they pay back slowly (car loans, early “credit cards”).

depression – a long and severe recession in an economy or market.

infrastructure –the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.

Keynesianism – An economic approach that calls for increased government spending and lower taxes to stimulate demand and pull the economy out of a severe decline. Government will spend to cover its costs in the short run.